New phase of Canada-China nuclear energy cooperation welcomed by Candu

Signing of MOU between Natural Resources Canada and China National Energy Administration

Agreement on Framework Joint Venture between Candu Energy and China National Nuclear Corporation

MISSISSAUGA, ON, Nov. 10, 2014 /CNW/ - Candu Energy today welcomed the November 8 signing of a Memorandum of Understanding (MOU) between Natural Resources Canada and the China National Energy Administration to advance collaboration between the two countries in the field of civilian nuclear energy including development of advanced fuel reactors and exports to third markets.

The same day, Candu signed a framework joint venture (JV) agreement with China National Nuclear Corporation (CNNC) to build Advanced Fuel CANDU Reactor (AFCR) projects in China and develop opportunities for it globally. This followed a positive recommendation earlier this week from a Chinese Expert Panel Review on AFCR technology which concluded the proper time should be chosen to "initiate the construction of AFCR to unlock and utilize its various advantages."

"Taken together, the MOU, framework JV and positive recommendation by a Chinese expert panel represents a new level of cooperation between Canada and China in the next wave of nuclear energy innovation," said Preston Swafford, President & CEO, Candu Energy. "We look forward to working closely with CNNC in the development and pursuit of nuclear power generation projects in China and abroad using the new AFCR technology."

The framework JV was signed in Beijing at the Great Hall of the People while in the presence of The Right Honourable Stephen Harper, Prime Minister of Canada and Li Keqiang, Premier of the People's Republic of China.

"We are excited about the future of nuclear energy development," said Swafford. "If successfully rolled out, both Canada and China stand to benefit enormously from the creation of high-value added jobs, services and advanced manufacturing opportunities."

About the AFCR

Candu Energy's Advanced Fuel CANDU reactor (AFCR™) is a 700MW Class Generation III reactor based on the highly successful CANDU 6® and Enhanced CANDU 6® (EC6®) reactors with a number of adaptations to meet the latest Canadian and international standards. Its fuel flexibility allows it to use recycled uranium or thorium as fuel. It has a heavy-water moderator and heavy-water coolant in a pressure tube design. CANDU® reactors can be refuelled on power and have one of the highest lifetime capacity factors among the world's reactors.

About Candu Energy Inc.

Candu Energy Inc. is a leading full-service nuclear technology company providing nuclear power reactors and nuclear products and services to customers worldwide. Candu Energy's 1,200 highly skilled employees design and deliver state-of-the-art CANDU reactors, carry out life extension projects, and offer operations, maintenance and plant life management services for existing nuclear power stations.